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Trend Condition Remains Bearish

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8685 50-day EMA
  • RES 1: 0.8617/51 20-day EMA / High May 31
  • PRICE: 0.8561 @ 05:57 BST Jun 16
  • SUP 1: 0.8541 Low Jun 9 / 12 low
  • SUP 2: 0.8522 Low Aug 30 2022
  • SUP 3: 0.8497/8468 1.0% 10-dma env / 3.0% Lower Bollinger Band
  • SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle

The primary trend direction in EURGBP is down and price is trading closer to recent lows. Initial resistance is at 0.8617, the 20-day EMA. MA studies are in a bear-mode condition, highlighting a downtrend and recent fresh lows reinforce bearish conditions. Clearance of 0.8541, Jun 9 and 12 lows, would confirm a resumption of the trend and open 0.8522, the Aug 30 2022 low.

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